The CPCU Society invites insurance professionals to “Jazz Up Your Career!” at the CPCU Society’s 59th Annual Meeting and Seminars in New Orleans, Oct. 11-14. Join CPCUs, the New Designee Class of 2003, and top industry leaders for the best in education, networking, and leadership opportunities.
Results from a recent CPCU Society member study on insurance pricing and availability, the impact of terrorism on the P/C insurance industry, the medical malpractice crisis, and insurer solvency will be used to guide the 2003 Industry Insiders’ Forum, a panel discussion taking place during the annual meeting.
The purpose of the survey was to learn the opinions and concerns of CPCU Society members regarding the Forum discussion topics.
The data will provide a road map for the panel discussion moderated by Rodger S. Lawson, Ph.D., president of the Alliance of American Insurers and CEO of the Property Loss Research Bureau. Panelists include: Thomas B. Ahart, president, Ahart, Frinzi & Smith; Robert P. Hartwig, Ph.D., senior vice president and chief economist, Insurance Information Institute; Robert H. Moone, chairman and CEO, State Auto Insurance Companies; and J. Robert Wooley, J.D., commissioner of insurance for the State of Louisiana.
CPCU Society members answered questions about the following four topic areas to be discussed during the Industry Insiders’ Forum.
Terrorism and the P/C Insurance Industry: The survey concludes that despite recent progress to address terrorism and its implications on the insurance industry, confidence in current capabilities is low.
—68 percent of survey respondents answered “no” when asked if the commercial property and casualty insurance buyer has the appropriate information to make a decision to buy or decline terrorism insurance.
—88 percent of participants reported they do not believe that premium quotations for terrorism coverage are carefully calculated and actuarially sound.
Medical Malpractice Crisis: CPCU Society members participating in the survey expressed concern about possible solutions for the current medical malpractice crisis.
—When asked if the government should require the insurance industry to subsidize medical malpractice insurance coverage, 96 percent said “no.”
—63 percent of the respondents feel that “universal healthcare” is not a viable solution to the medical malpractice crisis.
Availability and Affordability: The hard market cycle has presented new challenges regarding the affordability and availability of insurance.
—When asked which lines of coverage are most available and affordable, respondents ranked auto liability and property lines most affordable, and professional liability and workers compensation were ranked least affordable.
—60 percent of survey respondents answered “no” when asked if pricing structures provide enough incentive for retention (e.g., deductible credits) and loss control.
Insurer Solvency: Survey respondents provided feedback about possible threats to insurer solvency and possible solutions to prevent it. Respondents ranked the following categories the top three strongest threats to insurer company solvency: inefficient management, asbestos and environmental loss development, and poor investment strategies.
—54 percent of respondents answered “yes” when asked if improved training programs for underwriters and claims adjusters reduce the risk of insurance company insolvency. —85 percent said that underwriters need to get back to the basics of underwriting.
To obtain more survey results on any of the Forum topics, send an e-mail to email@example.com.
Registration information and Annual Meeting updates are available on the CPCU Society’s Web site, www.cpcusociety.org, or contact the Society’s Member Resource Center at (800) 932-CPCU, option 5, or e-mail firstname.lastname@example.org.
Was this article valuable?
Here are more articles you may enjoy.